Difference between revisions of "Journal entry"

Revision as of 01:45, 2 June 2020

Journal entry (or, simply, entry; hereinafter, the Entry) is any record of any financial transactions carried out by a legal entity that is made utilizing the double-entry bookkeeping system and describes which financial account or accounts are being debited and which are credited, the date, the reason for the journal entry, and a reference.

Journal entry. The transaction (debits and credits) that is recorded into a general journal once it is analyzed.

Entry. The long-run process of firms beginning and expanding production when they see opportunity for profits.

Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.

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 According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 :[[Journal entry]]. The transaction ([[debit]]s and [[credit]]s) that is recorded into a [[general journal]] once it is analyzed.
+According to [[Principles of Economics by Timothy Taylor (3rd edition)]],
+:[[Entry]]. The long-run process of firms beginning and expanding production when they see opportunity for profits.
 ==Related concepts==